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Crypto ATM: A new wave expected with the rebound of Bitcoin
Fri 29 Mar 2024 ▪
3
min read ▪ by
Getting informed
▪
Event
The cryptocurrency ATM sector (Crypto ATM) could soon see a significant revival, according to predictions by Brandon Mintz, CEO of Bitcoin Depot. With the anticipated surge in Bitcoin FOMO and the upcoming Bitcoin halving, a new wave of Crypto ATM installations seems to be on the horizon.
Crypto ATM: Brandon Mintz Anticipates a Revival
Despite the decrease in Crypto ATM installations in 2023, Brandon Mintz remains optimistic about the future of the industry. In the first quarter of 2024, in fact, there is a notable increase in installations: 1,469 new ATMs installed, according to data from CoinATMRadar. This significant recovery contrasts with the decrease observed around the same period the previous year, where more than 3,000 ATMs had been removed.
According to Mintz, this positive trend is a promising sign for the Crypto ATM industry. This growth indeed constitutes a potential indicator of renewed interest in cryptocurrency cash transactions.
An Acceleration of Crypto ATM Installations During the FOMO Period
Generally, the FOMO period often accompanies the Bitcoin halving. Mintz explains:
« In the past, the increase we’ve noticed mainly occurred after the halving. After the halving, that’s when the price skyrockets. And that’s when the FOMO phase begins. »
This historical trend suggests that the rise in Bitcoin (BTC) price often attracts new investors, which could boost the demand for Crypto ATM services.
Despite the optimistic outlook, Mintz acknowledges, however, that the industry has encountered obstacles. Specifically, the bankruptcy of several cryptocurrency companies (including Coin Cloud in February 2023) which has had a significant impact on the market.
What Predictions for the Industry?
Bitcoin Depot plans to install 940 new ATMs at convenience stores in 24 U.S. states in the first quarter of 2024. Meanwhile, other ATM operators continue to play a major role in the Crypto ATM landscape. This is particularly the case with Coinflip and Bitstop.
Despite past challenges, the Crypto ATM industry thus appears to be moving towards a new growth phase.
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Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n'ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c'est un univers qui m'intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.